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Shares of Mattel plummeted more than 8 percent after the company disclosed that it would be cutting 2,200 jobs on Wednesday.
The company said this reduction represents 22 percent of its global non-manufacturing workforce.
The toy company had announced a cost savings program in October, with the goal of eliminating $650 million in costs over two years — one-third of which it expects to achieve this year. As part of that initiative, Mattel had already planned to sell several manufacturing factories in Mexico.
These job cuts come just months after the company said it was shuttering its New York office, affecting about 100 employees.
On Wednesday, Mattel's quarterly sales missed Wall Street estimates, weighed down by the liquidation of key customer Toys 'R' Us and the absence of a big movie tie-in in the quarter.
“We ... had a challenging second quarter driven primarily by the Toys “R” Us liquidation,” Mattel’s new CEO Ynon Kreiz said.
Net loss in the reported quarter widened to $240.9 million, or 70 cents per share, from $56.1 million, or 16 cents per share, a year earlier.
Excluding items, Mattel lost 56 cents per share, a much steeper loss than the 30 cents per share analysts had expected, according to Thomson Reuters.
Mattel's net sales fell 13.7 percent to $840.7 million in the second quarter ended June 30, short of the $851.8 million analysts had expected.
Revenue from the company's partner brands, which includes sales from toys based on movie franchisees, fell 32 percent from the year-ago quarter. The company saw weaker sales of its Cars toys, which was partially offset by sales of toys tied to Jurassic World.
The company, like the rest of the U.S. toy industry, has been hit hard by the liquidation of retailer Toys ‘R’ Us and said the closure of its biggest customer dented its gross sales by 10 percent in the second quarter.
— CNBC's Lauren Hirsch and Reuters contributed to this report.